<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1536" height="1024" original-src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png"/></p>
<p>美国证券交易委员会已提议对一项关键的经纪商报告规则进行修订，该修订可能将加密资产从最初为股票证券设计的要求中剔除。</p>
<p>根据周一发布的声明，委员会提议修订第 15c2-11 条，以将场外市场经纪商的报告要求范围限制为仅限股票证券，实际上是撤回了 2021 年引入的更广泛的解释。</p>
<h2>什么是第 15c2-11 条？</h2>
<p>第 15c2-11 条于 1971 年首次引入并通过，是一项证券交易法条款，规定了经纪商如何在场外市场发布证券报价。</p>
<p>该规则旨在解决薄弱交易市场中的欺诈风险，特别是针对便士股票，要求公司在报价证券之前验证基本的发行人信息是否公开可用。</p>
<p>从本质上讲，该规则要求经纪商审查并维护有关发行人的最新信息，包括其业务运营、管理和财务状况的详细信息。</p>
<p>如果这些信息不可获取且不及时更新，经纪商不得在场外市场启动或恢复该证券的报价，这实际上充当了一种把关机制，防止不透明或潜在欺诈的证券被积极报价。</p>
<h2>这对加密货币意味着什么？</h2>
<p>几十年来，市场参与者普遍认为该规则适用于普通股和优先股等股票证券。</p>
<p>然而，2020 年通过并于 2021 年实施的修订挑战了这一长期理解，扩大了该规则的解释范围。</p>
<p>更新后的方法为第 15c2-11 条的适用范围超越股票，扩展到其他资产类别，包括固定收益工具，这引发了关于某些加密资产是否也可能被视为证券的问题。</p>
<p>许多代币并没有传统上市公司提供的结构化披露，这使得公司难以满足该规则的信息要求。</p>
<p>因此，一些市场参与者因合规风险的担忧而减少了对这些资产的报价或交易促进。</p>
<p>SEC 最新的提案旨在通过明确将该规则限制在股票证券上来划定更清晰的边界。</p>
<p>通过这样做，它表明第 15c2-11 条下的报告框架并不打算适用于加密资产，即使在其作为证券的分类问题尚未解决的情况下。</p>
<p>对于加密市场而言，这一变化可能使经纪商更容易支持二级交易活动，而无需依赖与大多数数字资产运作方式不一致的披露标准。</p>
<p>这也减少了公司在一项从未针对去中心化网络或基于代币的系统设计的规则下面临执法行动的可能性。</p>
<p>与此同时，该提案并未将加密货币排除在监管范围之外。</p>
<p>SEC 已明确表示，监管将通过其他机制继续进行，特别是在与欺诈、市场操纵以及数字资产何时符合证券资格的问题相关的领域。</p>
<h2>SEC 正在征求意见</h2>
<p>委员会已开启为期 60 天的公众评论期，以收集关于股票证券的定义是否应扩展到加密资产以及该规则未来应如何适用的反馈。</p>
<p>SEC 委员 Hester Peirce 欢迎这一提案，她表示这将有助于解决该规则扩展解释所造成的多年来的混乱。</p>
<p>“根据其条款，第 15c2-11 条的文本始终适用于 ‘证券’ 的报价。然而，市场参与者和包括我在内的其他观察者理解该规则仅适用于场外（‘OTC’）股票证券的报价，” 她补充道。</p>
<p>该文章的标题为《SEC 寻求将加密货币排除在第 15c2-11 条之外，这意味着什么？》，首次发布在 Invezz 上。</p>

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<p>美国证券交易委员会（SEC）已提议修订第 15c2-11 条规则，旨在将加密资产排除在原本为股票证券设计的经纪商报告要求之外。此项变更旨在明确该规则仅适用于股票证券，从而减轻加密市场中经纪商的合规负担。虽然这并不意味着加密资产免于监管，但它降低了在不适用于去中心化网络的规则下采取执法行动的风险。SEC 目前正在征求公众对该提案的意见</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png" alt="" original-src="https://invezz-wp-media.lon1.digitaloceanspaces.com/2026/03/20260317_1116_Image-Generation_simple_compose_01kkx59k9se0arbwvyvd126dxw.png"/></p>
<p>The US Securities and Exchange Commission has proposed an amendment to a key broker-dealer reporting rule that could carve out crypto assets from requirements originally designed for equity securities.</p>
<div class="lb-trans"><p>美国证券交易委员会已提议对一项关键的经纪商报告规则进行修订，该修订可能将加密资产从最初为股票证券设计的要求中剔除。</p>
</div><p>According to a statement released on Monday, the commission has proposed an amendment to Rule 15c2-11 to limit the scope of reporting requirements for broker-dealers in the over-the-counter market to equity securities only, effectively rolling back the broader interpretation introduced in 2021.</p>
<div class="lb-trans"><p>根据周一发布的声明，委员会提议修订第 15c2-11 条，以将场外市场经纪商的报告要求范围限制为仅限股票证券，实际上是撤回了 2021 年引入的更广泛的解释。</p>
</div><h2>What is Rule 15c2-11?</h2>
<div class="lb-trans"><h2>什么是第 15c2-11 条？</h2>
</div><p>First introduced and adopted in 1971, Rule 15c2-11 is a Securities Exchange Act provision that governs how broker-dealers can publish quotations for securities in the over-the-counter market.</p>
<div class="lb-trans"><p>第 15c2-11 条于 1971 年首次引入并通过，是一项证券交易法条款，规定了经纪商如何在场外市场发布证券报价。</p>
</div><p>The rule was designed to address fraud risks in thinly traded markets, particularly in penny stocks, by requiring firms to verify that basic issuer information is publicly available before quoting a security.</p>
<div class="lb-trans"><p>该规则旨在解决薄弱交易市场中的欺诈风险，特别是针对便士股票，要求公司在报价证券之前验证基本的发行人信息是否公开可用。</p>
</div><p>At its core, the rule places an obligation on broker-dealers to review and maintain current information about an issuer, including details about its business operations, management, and financial condition.</p>
<div class="lb-trans"><p>从本质上讲，该规则要求经纪商审查并维护有关发行人的最新信息，包括其业务运营、管理和财务状况的详细信息。</p>
</div><p>Without this information being accessible and up to date, a broker-dealer is not permitted to initiate or resume quotations for that security in OTC markets which effectively acts as a gatekeeping mechanism, preventing opaque or potentially fraudulent securities from being actively quoted.</p>
<div class="lb-trans"><p>如果这些信息不可获取且不及时更新，经纪商不得在场外市场启动或恢复该证券的报价，这实际上充当了一种把关机制，防止不透明或潜在欺诈的证券被积极报价。</p>
</div><h2>What does it mean for crypto?</h2>
<div class="lb-trans"><h2>这对加密货币意味着什么？</h2>
</div><p>For decades, market participants largely understood the rule to apply to equity securities such as common and preferred stock.</p>
<div class="lb-trans"><p>几十年来，市场参与者普遍认为该规则适用于普通股和优先股等股票证券。</p>
</div><p>However, that long-held understanding was challenged after amendments adopted in 2020 and implemented in 2021 broadened how the rule could be interpreted.</p>
<div class="lb-trans"><p>然而，2020 年通过并于 2021 年实施的修订挑战了这一长期理解，扩大了该规则的解释范围。</p>
</div><p>The updated approach opened the door for Rule 15c2-11 to extend beyond equities and into other asset classes, including fixed income instruments, which in turn raised questions about whether certain crypto assets could also fall within its scope if deemed securities.</p>
<div class="lb-trans"><p>更新后的方法为第 15c2-11 条的适用范围超越股票，扩展到其他资产类别，包括固定收益工具，这引发了关于某些加密资产是否也可能被视为证券的问题。</p>
</div><p>Many tokens do not have the kind of structured disclosures that traditional public companies provide, making it hard for firms to satisfy the rule’s information requirements.</p>
<div class="lb-trans"><p>许多代币并没有传统上市公司提供的结构化披露，这使得公司难以满足该规则的信息要求。</p>
</div><p>As a result, some market participants pulled back from quoting or facilitating trades in these assets due to concerns around compliance risk.</p>
<div class="lb-trans"><p>因此，一些市场参与者因合规风险的担忧而减少了对这些资产的报价或交易促进。</p>
</div><p>The SEC’s latest proposal seeks to draw a clearer boundary by explicitly limiting the rule to equity securities.</p>
<div class="lb-trans"><p>SEC 最新的提案旨在通过明确将该规则限制在股票证券上来划定更清晰的边界。</p>
</div><p>By doing so, it signals that the reporting framework under Rule 15c2-11 is not intended to apply to crypto assets, even in cases where questions around their classification as securities remain unresolved.</p>
<div class="lb-trans"><p>通过这样做，它表明第 15c2-11 条下的报告框架并不打算适用于加密资产，即使在其作为证券的分类问题尚未解决的情况下。</p>
</div><p>For the crypto market, the change could make it easier for broker-dealers to support secondary trading activity without needing to rely on disclosure standards that do not align with how most digital assets operate.</p>
<div class="lb-trans"><p>对于加密市场而言，这一变化可能使经纪商更容易支持二级交易活动，而无需依赖与大多数数字资产运作方式不一致的披露标准。</p>
</div><p>It also reduces the likelihood of firms facing enforcement action under a rule that was never designed with decentralised networks or token-based systems in mind.</p>
<div class="lb-trans"><p>这也减少了公司在一项从未针对去中心化网络或基于代币的系统设计的规则下面临执法行动的可能性。</p>
</div><p>At the same time, the proposal does not place crypto outside the regulatory perimeter.</p>
<div class="lb-trans"><p>与此同时，该提案并未将加密货币排除在监管范围之外。</p>
</div><p>The SEC has made it clear that oversight will continue through other mechanisms, particularly in areas related to fraud, market manipulation, and the question of when a digital asset qualifies as a security.</p>
<div class="lb-trans"><p>SEC 已明确表示，监管将通过其他机制继续进行，特别是在与欺诈、市场操纵以及数字资产何时符合证券资格的问题相关的领域。</p>
</div><h2>SEC is seeking comments</h2>
<div class="lb-trans"><h2>SEC 正在征求意见</h2>
</div><p>The commission has opened a 60-day public comment period to gather feedback on whether the definition of equity securities should extend to crypto assets and how the rule should apply going forward.</p>
<div class="lb-trans"><p>委员会已开启为期 60 天的公众评论期，以收集关于股票证券的定义是否应扩展到加密资产以及该规则未来应如何适用的反馈。</p>
</div><p>SEC commissioner Hester Peirce has welcomed the proposal, which she said would help address years of confusion created by the rule’s expanded interpretation.</p>
<div class="lb-trans"><p>SEC 委员 Hester Peirce 欢迎这一提案，她表示这将有助于解决该规则扩展解释所造成的多年来的混乱。</p>
</div><p>“By its terms, the text of Rule 15c2-11 always has applied to quotations of a ‘security.’ Market participants and other observers including me, however, understood the rule to apply only to quotations of over-the-counter (‘OTC’) equity securities,” she added.</p>
<div class="lb-trans"><p>“根据其条款，第 15c2-11 条的文本始终适用于 ‘证券’ 的报价。然而，市场参与者和包括我在内的其他观察者理解该规则仅适用于场外（‘OTC’）股票证券的报价，” 她补充道。</p>
</div><p>The post SEC seeks to exclude crypto from Rule 15c2-11, what does it mean? appeared first on Invezz</p>
<div class="lb-trans"><p>该文章的标题为《SEC 寻求将加密货币排除在第 15c2-11 条之外，这意味着什么？》，首次发布在 Invezz 上。</p>
</div>

SEC seeks to exclude crypto from Rule 15c2-11, what does it mean?

- 美国证券交易委员会提议修改经纪交易商报告规则，以限制报告要求。  
- 新提案将报告范围限于股票，不再涵盖加密资产，减少合规风险。  
- 此举可能促进经纪交易商支持加密资产的二级交易活动。

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美国证券交易委员会（SEC）寻求将加密货币排除在 15c2-11 规则之外，这意味着什么？